Business customers of Visa and Revolut have the opportunity to streamline cross-border transactions thanks to a new technical solution for cross-border payments dubbed Instant Card Transfers.
Payment system Visa and FinTech company Revolut agreed on a partnership to allow corporate clients to make cross-border payments with real-time processing. This is reported by FinTech Magazine citing the press release.
The new Instant Card Transfers corporate solution will enable near-instantaneous transfers to more than 78 countries and 50 currencies. Transactions are expected to be processed in less than 30 minutes. According to the press release, corporate customers will only need a card number to send money overseas.
Mark Jamison, Senior VP of Global Customer Experience at Visa, said the new solution will streamline operations and reduce administrative burdens for a wide range of categories of businesses that operate internationally, from startups paying overseas contractors to travel companies reimbursing customers around the world.
Instant Card Transfers is powered by Visa Direct technology. The same technology is used in a joint service launched in early 2024 with Transak, which allows residents of 145 countries to convert more than 40 cryptocurrencies into fiat money by withdrawing assets from a cryptocurrency wallet to a bank card.
